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to develop north korea's economy. >> translator: we must start on a path of industrial revolution for the new century to make north korea a great economic power. >> reporter: but there are no tangible signs of improvement. the u.n. world food program says 16 million north koreans, or nearly 70% of the population, suffer from malnutrition. north korea's relations with the outside world are at a standstill. last february the united states agreed to provide food aid in exchange for a freeze on ballistic missile tests. but the deal was broken after the north tested a missile in april. north korea's leadership has been trying to hold direct talks with the united states, but officials in washington said they are not ready to accept. china is also applying pressure on its neighbor. arguing that the missile launch would violate u.n. resolutions. >>> several japanese ships have headed to southwestern japan to get ready for the launch. they're carrying intercepter missiles. a maritime self-defense force vessel arrived at ishiyaki equipped with surface to air missiles. the flight path could take it over
? and what are the consequences for the economy if there isn't one? we'll ask the president's lead budget negotiator, treasury secretary tim geithner. >>> then the view from capitol hill. are democrats as divided over cutting medicare as republicans are over tax increases? with us, two voices calling for compromise. republican senator bob corker of tennessee and democratic senator claire mccaskill of missouri. >>> finally, our special economic roundtable. as both sides battle over the nation's fiscal health, what can we expect from the economy in a second obama term? what is the vision for an economic rebound? >>> from nbc news in washington, the world's longest-running television program, this is "meet the press" with david gregory. >>> and good sunday morning. amidst a lot of partisan rhetoric on both sides, talks on the fiscal cliff are now at a stand still, and the president is back on the campaign trail of sorts. this time to try to win in a court of public opinion for his plan to avert an automatic tax hike for everyone on january 1. that's where we'll start this morning with the po
a better economy and that reduces the debt. >> there is a headline predicting we will be producing more oil than saudi arabia beginning in 2020. this is something almost on imagined 10 years ago. -- unimagined 10 years ago. what is the role of the federal government? >> to do things that encouraged the results. to follow up on the fiscal cliff. you can solve this fiscal problem if you grow our role to position relative to everybody else's. a big problem is the percentage of government spending is more than its should be related to total gdp. if there is an easier for millet in the history of economics that -- formula ever in the history of america -- economics that more american energy equals more american jobs, i don't know what it is. it is all the jobs you have if you of a reliable supply of energy. the front page of the "the wall street journal" indicates a difficulty of connecting this cheap product we have in natural gas. we thought we would run out natural-gas as a country. connecting this cheap product with a more expensive market and getting it overseas. if we could become energy s
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer confidence.
implementations for the economy. cheryl: i can hear the hesitancy in your voice. a lot of our guests are saying the same thing. they are afraid of what washington will do or maybe not do. your outlook is a bit more bullish than some of your colleagues. what are you saying in the second half of 2013 that others are not? >> on a very short-term basis, we have noticed there are a couple of things. the fiscal cliff. we cannot get out of the way of that. if you look at to the second half of 2013 that we can get some resolution, we may not like the total resolution, but if we can, you move past a period of uncertainty. three things have started in 2012 that could accelerate in 2013. housing is key. cheryl: it has done incredibly well this year. >> the second aspect is what is going on with the energy field, in terms of technology and energy less dependence for the u.s. the third factor is what is going on in manufacturing. you can talk about the creation of jobs in the u.s. economy. if you can get the u.s. economy past this model through environment, you will see a slight acceleration in the second h
and the economy and jobs have been prumped by the politics of immigration. i think there are four paths. one could be the pass the senate not be taken up in the senate. there is a lottery that would flult raising the overall level of immigration. if there was an agreement to include that that bill could be passed. a second option which is what the president has ind indicated he favors is to link high skilled immigration with the dream act. so it is a broader solution around immigration. the third would be to say this deals with the 50,000, this deals with a million five. the third would be deal with 11 million which clearly we have to as a nation deal with and there is a desire now more than there might have been a month ago to do. that and i've heard a number of people talk about the need to take up the issue and called for a comprehensive solution. so that's third. the fourth path would be to say that this immigration path in the short run is challenging and build support for the senator warner's bill, such as regulatory issues and commercialization of research. those strike me as the four paths
cuts and a weak economy. it is the lowest since 1950. to reverse the trend is a major breakthrough. yes, we are talking about deficit deduction. we are talking about raising revenue to a level in which can begin to support the kinds of investments we need to make to train our future work force and to create an environment in which we can care for the elderly. >> the think americans will remain optimistic but this did of the economy? if we have not tackle the things we have just talked about like the cost of education, the housing market? we are figuring out some philosophical issues about taxing and funding? >> i think the economy has been growing slowly and steadily all in the absence of any movement, which we have seen over the test of the last year. i have worked on guantanamo for the past 10 years. my sense is that if there is some movement until the positive direction, which have not seen out of washington and enter a long time, -- in a long time, at least we will not see head winds. we are making some progress. i see that continue. >> i want to come back to what todd said earlier.
hurting our economy and creating jobs. today, the white house has demanded an offer from republicans. they now have one. back to you. llri: rich edson, and he thinks. the market is taking a breather today. dupont and 3m are the biggest draggers on the dow. early stocks rising out of the gate out of some good news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52 and october. keep in mind, any number below 50 means contraction. above 50 equals expansion. investors are still worried about tax treatment and dead deals. exelon, the worst of the bunch our first guest has seen it all. the u.s. economy they fall into a recession next year even if congress strikes a budget deal by year end. joining us from stanford, california, martin feldstein. thank you for being with us. the republicans now responding. negotiations well underway to avoid a fiscal cliff. to your point, you recently sai
with the german economy and this is a big divergence. so that's a change. but looking over time, all stocks have the component of what they call the economic return. speculative return which is it for change and the valuation that the market puts on it. over time, one is a possum gain and the other is zero sum gain. sometimes good news, sometimes bad news. but over time the kind of net being nothing. >> we'll see what happens. good to have you on. we'll be out in westminster, joined by the british shadow business secretarier to. we'll talk currencies. find out why one strategist is bullish on the currency. after the ramp up in m&a that we've seen this year, we'll also speak to an expert in los angeles that says the fundamentalses for deal activity in 2013 are looking more solid. so where will the money flow in the new year, that's at 11:20. and the outlook for u.s. credit market appears less rose city. we'll speak to a moody's analyst that says high duration credit could be badly exposed. the european central bank is announcing either monetary policy decisions later today. economists expect ecb
economy standards and other reasons. we still continue to have a problem. the report we are releasing today and the subtitle says it all. harnessing american resources and innovation. how do we leverage this abundance we have in the united states to our maximum benefit? washington is talking about our fiscal crisis. the relationship of our oil needs to this crisis are close. it is unnecessary ingredients. every recession in modern times has been preceded by oil price hike. we can cut all we want and raise revenue, we will never find a way to solve our fiscal troubles. how do we leverage this great abundance in the united states of for resources and our skills to help the country through these times and put us on a good footing for the next 50 or 100 years. i think this report is the beginning of a process of creating an effective and stable bipartisan consensus on energy policy. everything is about the zero sum game in this town. we see oil security as a unifying vision where people do not have to compromise their core principles. the environmental community can see a reduction in the
the economy avoid the cliff and rides above? anyway, senior u.s. economist and managing director at ubs. do you think we'll get a deal? >> i think we'll get a deal. do we get it before the holidays or after for markets, it matters. it's been a drag for the last nine months. so the idea that there is more uncertainty now than there was six months ago, how does that work? there was no fiscal cliff deal six months from now and still no deal. so i'm not sure why we think there's more uncertainty. i would say if you really think about it the president has a lot of ways to delay the impact. for example, our withholding table don't have to get change order january 1. even if you haven't struck a deal, you don't adjust the withholding tables. for now you can delay the pain. so there is wiggle room in terms of when the impact has to be felt. >> but is there where wiggle rom the investing world who looks at the united states and says these guys are a bunch of keystone cops. this cost us with the last round of negotiations back in the summer of 2011 when the debt rating agencies said if you can't find
automakers and other sectors - say the economy is strong enough - barely - to withstand either party's direction. "the vast majority think the fiscal cliff's impact will not be enough to drive us to recessionary measures." the chicago fed forecasts the economy will grow at 2.3% next year; unemployment will drop to 7.6%; new housing starts, often a key indicator, will increase to 950,000 new units; and vehicle sales will get a boost - all good news for the midwest. "with 13% of the population, we produce 30% of the vehicles. forecast is for 3.5% growth, which is 15 million units." also, the fed's economic forecasters say by the end of 2013, the price of west texas crude oil will rise about $4 higher than it is now. so overall, a gradual improvement - not fast enough or robust enough to greatly affect the jobs picture, but nothing on the horizon to reverse it, either. in the corporate race against china, the u.s. is gaining ground at a quicker clip. apple and exxon are among the american heavyweights moving up on the global 500 list of largest corporations. american companies now compr
's the system, stupid. and we live and work in this system of political economy. america's operating system, if you will, that's delivering terrible results. i look at the international comparisons, for example, i've looked at the 20 leading democracies, the old oecd, and i looked at 30 key indicators of national well being and global citizenship, and i was startled, frankly, to find that the united states is at the bottom, the very bottom or next to the bottom on all 30 of these indicators of national performance. so it follows that if we want to change the direction the country's headed and build this attractive future for our children and grandchildren, we were going to have to change the system. we've got to drive this systemic, transformative change until we have, in effect, the new system of political economy, a new operating system for america, one that delivers good results for human and natural communities, but otherwise we've got to embed new and different priorities at the core of our political economy. and to do that, i think we've first got to understand what are the elements o
've had time to you think the country's economy will improve? 51% say it will improve. economic well being of the middle class -- catch up with my slides. there we go. the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done i
to the fiscal cliff that is threatening our economy and jobs the white house has wastde another week. secretary gitener came here to offer a plan that had twice the tax hikes that the president campaigned on and had more stimulus spending thanned the in cuts. and an indefinite increase in the debt limit like for ever. now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate stradgeji to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal, i believe he's got an obligation to families and small businesses to offer a plan of his own, a plan th
this one and that is good for the american economy. >> we look back republican senator rand paul from the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less soc
of an economy that way. i think both sides now are going to have to make some kind of compromise. the republicans have me a in mind because i have a small business. 35% -- all of the other taxes that become involved, that small company cannot exist. who's to say it will not go to 69.4%? when will it stop? thank you very much. host: i also want to get david in on the democrats' line. caller: good morning. thank you to suspend for taking my call. sometimes i feel like c-span has changed their name to r-span if you know what i mean. a lot of right wing things going on. i think you are not quite as biased as you used to be. i hope we do go over the fiscal glove. the reason being, -- go over the fiscal cliff. the reason being, all bush era tax cuts will expire. the senate has already passed the bill for the middle class tax cuts to continue. let the republicans in the house go ahead and fight for the 2% when all of the -- when all will go into effect. take the senate's version. i think they have been sitting on it for eight months in the house. i think it is terrible to treat the amer
and the demand for oil -- actually, and the demand for oil continues to decline based on fuel economy standards and other reasons. and yet, with this revolution we still continue to have a problem. and i think the report that we're releasing today, the national strategy for energy security and its subtitle really says it all -- harnessing american resources innovation. and the first point is, how do we leverage this abundance we have in the united states to our maximum benefit? at a time when washington is talking about our fiscal crisis i'd say that the relationship of our oil needs to this crisis itself are close. it might not solve our fiscal crisis but clearly it's a necessary ingredient. every recession in the history of the united states in moden times has been preceded by or happening concurrent with an oil price spike. if we don't have continued growth we can cut all we want and raise revenue all we want, but we'll never find a way to solve our fiscal troubles. and i think this report really looks at how do we leverage this great abundance, this great blessing in the united states, both
think the ramifications for the economy are too significant. i think we're watching whatever you want to call it, all of the politics playing out, but i still think in the end we'll get a last minute deal. >> i agree. and i think even though the sides are far apart, you have things on the table now. so you can say you're here at 800, 1.6, you kind of -- it gets you somewhere close. somebody will try to say 1.3 versus 1.1, but if you see publicly what they're stating and hopefully privately other things are going on, but it will get done, but it will be very slow. >> john boehner with the proposal he put on the table, i did see commentary from some of the far right saying this is not an acceptable proposal. even his proposal is not acceptable. i did see comment it ter that came through. my question is does the president now have to alienate some of his far left base in order to reach a compromise. >> i think you'll see both of them have to actually bring the parties together. because you won't get everybody happy. some of the people who got voted on the ticket side, no, never. but it w
minutes away. count do countdown is on. the economy probably added about 80,000 jobs last month. reuters consensus is a little higher at 93,000. the unemployment rate expected to hold steady at 7.9% and economists say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, s
it to some of the other developed economies, you can see how well australia is holding up. we've seen growth of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending.
to get better. the economy is strong. it's going to get stronger. >> what evidence do you have these guys are not just going to go over the fiscal cliff? we heard tim geithner on this program yesterday when steve asked him, look f you don't get what you want, do we go over the fiscal cliff? he said absolutely. >> he said he would do it! >> what happens when we wake up january nd, we go over the cliff, and the world doesn't end? >> that is so irresponsible. >> you have to be a long-term investor. long-term stocks have outperformed bonds. >> with all do respect, george, are you one of those come play september investors larry is referring to? >> i'd say we're opposite of that. we never take anything for granted, but we bet accordingac. bonds are trouble. a lot of people are going to lose a lot of money in bonds. you have to be prepared for that. interest rates are going to go up. dividends are going to continue to increase. the economy in this country is strong. it's going to get stronger. >> even at 44% dividend tax? >> it's not going to go that high. >> if we go over the fiscal cliff, it
.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and we'll see if there's any further reaction, as well. hurricane sandy is expected to have put a big department in t
the white house. reports indicate that the president has adopted a strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan. >> you did speak with the president earlier this week, can you characterize that call. also, it has to be increases in rates for the wealthy or no deal. >> the phone call was pleasant, but more of the same. it is time for the president to be serious and come back with a counter offer. [inaudible question] >> the risk the president wants us to take, increasing tax rates will hit many small businesses that produce 60-70% of the new jobs in our country. that is the
for regional power. israel has the most powerful economy and military, but lacks political power for obvious reasons. turkey has economic and military power, but it also has growing regional clout. egypt is the natural leader of the arab world but it's not in a position to dominate. its economy is shambles, its military is second rate. the public opposition has been reassuring. the middle east is a complex region that is changing fast. grand generalizations about it are likely to be undone by events. but it is a more vibrant, energetic, open, even democratic place than the middle east a generation ago. for more, read my column in this week's "time" magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the judiciary. there were demonstrations in his favor, and a constitution was drafted that spurred protest on the street. what to make of it all? two of my favorite scholars are with me. welcome, guys. conventional wisdom is this is a power grab by morsi. is that accurate? >> his dclaration gave h
of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republican line, from maine. caller: i thank unemployment is probably a good thing, but when you expanded too far, it put a really heavy burden on the employers. as one lady called in on the last segment, the state she was from is obviously much higher than made is, but when it gets to a point that your state system goes broke, they put fees on the employer, and they cannot afford to pay the rates. host: mr. tanner? guest: the unemployment tax is generally under 1% even when you include the match that goes into the extended benefits. we're already running in federal debt more than 100% of gdp. once you get over 60% to 70% of gdp, that begins to slow economic growth. we are costing jobs. that is because that money is -- players are looking down the road and saying they're going to have to pay more in the future. we simply cannot afford to spend money, especially we do not have, and still e
enviable numbers out of china. chinese government economists there say they do expect their economy will grow this year by less than 8%, though. it would be the first time in 13 years that it's dropped below that mark. the government targeted growth of 7.5%. a representative of the chinese academy of social sciences said the economy would grow 7.7%. >> translator: china's exports are slowing because of the european debt crisis and the global economic slowdown. >> he said the economy bottomed out in the july-to-september quarter, but consumption as well as industrial output improved in september and october. he's predicting growth will rebound next year to about 8.2%. he said increased public investment and more monetary easing would spur the economy. but li called for flexible government policies if the situation in europe gets any worse. >>> a report sponsored by the u.s. government says that shipping surplus shale gas overseas will benefit the country's economy. this could pave the way for getting government permission to export the commodity. the u.s. energy department released t
government money to pay for it. >> john than what does that do to the economy over all? >> it hurts the economy. any time the government involves in ethanoyl or kid's education or health care or housing it lead toz destruction. the pearl student loan went up five percent. 85 percent of that is held by the government. 10 percentelingquency and goes to 15 or 20 and the taxpayer is is left on the bottom floor. >> julian, you think the government should get out of student loan business. that is rough the payment of debt. >> i think everyone agreed that a college education is critical to the country's competeness. if you have a college education you are less unemployment and will earn more income. we need to reform the system. we took banks out as middle man and republicans opposed that . we need to cut the waste out. let me finish the point fimay. the law signed will give students flexibility to pay back under the condition they pay back the loans and that is important reform as well tracey is right. the principle issue is whether kids coming out of the college have an opportunity to ge
market. it is just going to affect the economy the same as gas prices or food prices going up on the poor and middle class. life will go on. just like life has gone on for the rest of the united states of america. but right now, i think the state of politics is very sad because they're seen -- there seems to be more of a game to be played and positions, one party having the upper hand over the other. not much is going to get done. and you have too many extremes on each side to make things a lot more difficult to run. and it makes it difficult on the president as well. i'm optimistic that the president got reelected, but pessimistic on anything really changing. have leased, anytime soon. -- at least, any time soon. host: and talking about actual change, if there will be a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unle
will be blamed. remember, this is the obama era. it's going to go down as his economy. i ask people who was speaker of the house during the great depression when roosevelt was president. i'll give a hundred dollars to anyone who can name who the speaker of the house was in the critical first hundred days -- >> jim over there would know. >> henry thomas reigny. now, there's a name in the history books. point being, the speaker is an important player, this is significant, but it is obama's job to lead and define so if there's negative consequences here, particularly in the economy, it's going to be in the obama era, things didn't get fixed. who is it? the australian finance minister who says the united states is one budget deal away from being a great country. there's a lot of people in business who think we are poised to do some really good things in the global economy, the united states is, but if we can't untangle this mess, it's not going to happen. >> you know about the inner workings in the government more than any living person, every single administration of our lifetime. you've b
is going to take a more, i would say rational approach to how to deal with their own economy and how they deal with their own people, and how they deal internationally. and so i think generally there's been a feeling that there might be some hope there. however, now we are approaching, once again, a potential violation of a u.n. security council resolution, and we encourage the leadership in north korea to consider what they are doing here and implications in the overall security environment on the korean peninsula, as well as destination. >> anything new? we been hearing some rumblings for some time that there might be some activity on that front. anything new that you can provide in terms of insights into launches or things like that? >> well, i think you're tracking a pretty well. i think from the media today there are indications declared indications of their intention to do what they would call a peaceful satellite launch. and we believe it is in contradictory to the u.n. security council resolutions, that because of the nature of the type of missile they will be firing and the
to do or turn back the clock and return to the politics of old. >> translator: i will bring the economy out of deflation, correct the high yen, lead economic growth, enrich people's lives, and recover an economy where young people don't have to worry about finding jobs. i'll strengthen social security and will promote the reconstruction of the disaster-hit northeast. we'll aim to take back power by winning a majority along with the new komeito party. >> candidates from the following parties are also running -- tomorrow party, new komeito, restoration party, japanese communist party, your party, social democratic party. new party daichi, people's new party, new party nippon, and new renaissance party. candidates are trying to win one of the 480 seats in the lower house. there are 300 single-seat districts. parties win a number of the other 180 seats depending on how much of the proportional representation vote they capture. 1,294 candidates filed to run in the single-seat constituencies. and 1,001 candidates are running for seats in the proportional representation system. they'll share t
and of course the economy next year, i think the dollar is going to drift a little bit weaker. nothing dramatic, but i think it will drift a little weaker as the year progresses. > thanks tim. have a good trading day. > > thanks. just in time for the holidays, hostess brands' layoff of more than 18,000 employees is part of a bulge in end-of-the-year layoffs this year. job cuts are up for the third straight month, and our cover story looks at whether this is a trend that may continue in the new year. job cuts nationwide were up for the third consecutive month in november. november would have been lower, but hostess brands' 18,500 layoffs as a part of bankruptcy pushed the number higher. "it's not a reflection of the strength of the economy as a whole." since january, the number of announced layoffs is actually 13% lower than it was in 2011. that's despite a dreadful january and february that saw more than 50,000 layoffs at american airlines, pepsico, j.c. penney, metlife and procter and gamble. "those are very specific company-based layoffs. they're not even sector-based." hostess brands is cont
that's what he's trying to do. it's hard to see where the upside is for the president if the economy slips into recession, talking about 2013 having no growth would be horrible. >> yeah, so, it's a little hard to see what the game is. as kim was mentioning, the president wants these tax increases. it seems to me we're going to go through this sort of scorpion dance the rest of the year. what did the president campaign on? what was the one thing, i think most people would say he campaigned on, that's raising tax rates on the wealthiest, the two top rates, that's the thing i think is on the table and-- >>, but the republicans put that on the table. >> and the republicans put that on the table the a through deductions and-- >> yeah. but they're willing to put that on the table. the question is, what does the president then give republicans in return, if anything? >> well, i think that's what the republicans position should be. say we have committed what you campaigned on. if you're not willing to talk about reducing spending, they are we're not going to be able to do a deal with you. an
. >>> chinese government economists say they expect their economy will grow this year by less than 8%. it would be the first time in 13 years it's dropped below that mark. the government targeted growth of 7.5%. a representative of the chinese academy of social sciences said the economy will grow 7.7%. >> translator: china's exports are slowing because of the european debt crisis and the global economic slow down. >> li said economy bottomed out in the july through september quarter. the country's consumption and industrial output improved in september and october. he predicts growth will rebound next year to about 8.2%. he said increased public investment and more monetary easing would spur the economy. but li called for flexible government policies if the situation in europe gets worse. >>> the new leader of the chooeds communist party is sending out mixed signals. xi jinping says he wants to pursue a peaceful foreign policy. at the same time, china is locked in territorial disputes with japan and several southeast asian nations over islands in the east and south china seas. xi told a group o
savings as part of that and invest in things that matter to the american economy. we think we can do that. we have a good chance to do it now. it's important that we do it. i think we're going to get there. >> given tough talk over the weekend, why aren't we waking up to down numbers, red arrows? >> europe is terrific. bond rates are phenomenal. a great run. china numbers are better. i think that there's a lot of people who feel like doug cast does who writes with me with a piece in "the new york times" saying that -- >> most stuff is nontaxable accounts any way. most stocks that people won't be as motivated to sell as people think. of course that doesn't necessarily deal with the increase in payroll taxes and the whole recession side of it. it does deal with the stock market side in terms of selling. >> why not say, listen, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once y
two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50
on the obama administration if the economy doesn't recover. >> all right. many thanks, scott rasmussen, appreciate it very much. >> thanks. >>> with just 26 days until we fall off the tax and fiscal cliff, two dozen house republicans have apparently defected from the boehner plan and signed a bipartisan letter with democrats. people are now asking is there a fallback position for the gop? well, here now to tell us is house majority whip california republican kevin mccarthy, the number three man. mr. mccarthy, as always, thank you for coming back on the show. can i get your comment on this letter, two dozen republicans, they're talking about tax rate flexibility along with a bunch of democrats. what's your take, sir? >> well, remember what they're saying here. what they're saying is that they're going to put everything on to the table. what we've been talking about for so long is where the president has been awol, this is a spending issue that we have a real problem with. we agree that we'll provide revenue, but we do not want to hurt a pro growth economy here. so it's how you go about
the kinds of revenue from the wealthiest americans to help the economy grow and achieve deficit reduction and this puts us on a path towards a better economy. >> [inaudible question] what will he do at this moment? >> i would simply redirect that question to the republican leaders, who to this day, have not put forward any proposal on how they would achieve revenues and address the issue on the top 2%. there is no other way to do it, there is no other mathematically sound way to do it. making vague promises about achieving revenue through capping deductions were closing loopholes, it simply doesn't add up to a serious proposal. we haven't heard which deductions they would cap or which loopholes they were close. what is true is that other proposals that have been put forward include attempts to raise revenue only through closing loopholes and limited deductions can only achieve this if the middle class gets stuck with the bill. or if you have a proposal that is wildly limply unfeasible because it suggests that we would wipe out charitable deductions. it is simply impossible and getting som
. so if you look at the other trends for the economy, it's still the same of steady slow appreciation and that there really i don't believe is any effect from the supposed anxiety about the fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the m
group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic activity, why don't we go to a 95% tax rate and then we'll really have a booming economy? the reason that no one proposes that is because no one really believes that. that's why the accelerated tax rate that's being recommended by the white house is also being proposed by another stimulus plan, a spending plan. here's the example that i can talk about with this. when people talk about just raise taxes in the upper 2%, well, here's an example of what's being proposed by the president. capital gains will go to 28.3%. dividends will go from 15% to 43.4%. now, i have a lot of people that will say to me, just raise it on the upper bracket. but when i tell them, can i tell you what that means? their taxes go from 15% to 43.4%, i have yet someone stop me and say, that's fair. it sounds so much easier to say, raise it on someone else, not on us. we have to solve the problem. just raising taxes doesn't solve the problem. we're spending $1 trill
economy would take off and our country would be so much better off. >> chris, you understand the politics of the house from both sides. can john boehner cut a deal without eric cantor and paul ryan? >> i have a pretty good understanding of the house, but i always am a little afraid of wandering into house republican leadership politics. just to broaden the question a little bit -- i think the question is whether or not the speaker is going to be able to bring a good part of his caucus with him. that or require a united leadership team. >> i am talking short-term -- the next two or three weeks. >> i think that is going to be a requirement. i think one of the decisions the speaker will have to make is whether he is prepared to put a agreement on the floor of the house that might not have a majority of the republicans in the house in support. that is one of the questions. senator corker points out that there are a number of ways you can get to a yes on this, but it is not clear if there is a way to get to yes that necessarily brings a majority of house republicans. not that we cannot get a m
stop the generation of jobs in this economy. >> there's a great article today in one of the papers about how apartment building, we have a shortage of apartments and shortage of housing and shortage of autos and shortage of office buildings developing, shortage of shopping centers, shortage of shopping malls. this is what begins a movement. you have to hire eventually. now you could say people are not looking for work, come on. look, jobs are here. they can -- it can be just easily reversed if you have no idea what is the future because of washington. >> given the data points that we've had in terms of claims numbers that did reflect an impact from sandy, they said 85,000 jobs or 86,000 jobs were sliced because of impact of sandy. average hours worked unchanged. doesn't that -- i don't know -- doesn't that bring into question a little bit the participation in the survey. how can it have no impact whatsoever? it seems curious to me. >> it does call into question whether these numbers can be accurate. we have been starting to think let's check accuracy. why isn't this done by s.a.p.?
back then, barack obama believed that lowering rates was good for the economy. dagen and connell, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour. we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to ima
's not in a position to dominate. its economy is shambles, it's i it's military is second rate. the public opposition has bng reassuring. the middle east is a complex region that is changing fast. it's more vibrant and even more democratic place of the middle east a generation ago. you can read my column in this week's time magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the agenda. what to make of it all? two of my favorite scholars are with me. this is a power grab my morsi. is that accurate? >> every decision he makes is now free of any possibility of judicial review. really the game is kind of moved beyond that now. what is motivating people to protest is not the declaration but it's the new institution that his allies have rushed through. >> steve, what is the army's role in all of this. that's the piece people don't understand. you have morsi and the isz lam brother head. you have the liberals who are opposing it. where does the army stand? >> the military has removed itself from the politic
of the biggest thing is that is killing the economy is something so big you got to say to yourself how come they can't take a little bit less to back up on its seat? >> guest: i am going to disagree with you a little bit. if you look at the percentage of investment, the exploration production of energy is very heavily involved, it is a very expensive item, and their profits are five to 8% on what they actually invest. microsoft and intel are much more profitable and they pay less in taxes than the percentage of the total revenue. so, people always focus on the gas prices. look at your heating bill. the natural gas movement brought down the price of natural gas about 80% of what we produce in terms of my state. it's about a quarter of what it was three years ago. that isn't always a good deal for the american people. it's actually bringing the industry back. this industry which is often vilified quite frankly is the one that is generating more jobs, more income, more opportunity than almost any other sector and it isn't as profitable as the high-tech. >> host: nelson in colorado springs. >>
the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at some point, the president and the speaker are going to get in a room and have some very serious dialogue as this gets closer. my view is that both the administration and the republicans would prefer to put a deal together, and the outlines of that are on the table. >> you talk about the cliff or the abyss? we need to separate the two. it would be nice to have like a bridge to that $4 trillion deal that includes entitlement, tax reform. in fact, i don't know why the president isn't talking about that more with the simpson-bowles. >> the president did say that he doesn't think there's anything we can get done. >> as a bridge to that. always talking about the high end. >> actually, joe, i think the administration wants to see a deal come together here. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down
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